Federal Reserve Bank of Minneapolis Payments Fraud Survey Summary of Results

The Federal Reserve Banks of Minneapolis, Boston, Chicago, Dallas, and Richmond conducted a payments fraud survey during April and May 2014. Payments fraud is an ongoing concern of financial professionals whose job it is to protect their organization’s payment transactions from traditional and emerging fraud schemes. Payment fraud attacks and losses using card and check transactions continue to outpace those of other payment types; regardless, all payments are vulnerable to fraud.

The 2014 survey summary identifies payment types most vulnerable to fraud attacks and losses, schemes most prevalent today, fraud prevention methods used and the effectiveness of each, and opportunities to further reduce payments fraud.

The Minneapolis Bank’s regional survey results show that financial institutions and companies continue to be concerned about payments fraud and work hard to mitigate it.  Although payments fraud attempts and losses are widespread, aggregate fraud losses are relatively well controlled. Card and check continue to be the payment instruments most prone to attempts and losses; however signature debit cards lead the other instruments by a significant degree.

The report of the regional survey results is available on the Federal Reserve Bank of Minneapolis’ public website along with consolidated results and other educational materials: http://www.minneapolisfed.org/about/whatwedo/paymentsinformation.cfm.

 

 

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